April 7 (SeeNews) - The management of Croatia's troubled food and retail concern Agrokor, headed by Ivica Todoric, has been passed over to the state following the enforcement of emergency legislation which aims to shield the country's economy from big corporate bankruptcies, Todoric said on Friday.
"We have made this decisions based on the belief that it is in the best interest of each individual employee, partner, supplier, and all other stakeholders and the overall economy," Todoric is quoted as saying in a statement issued by Agrokor. "Throughout the years, including this extremely challenging period, I have done my best to ensure the stability of the company, to preserve over 60,000 jobs and secure the survival and prosperity of the entire Agrokor concern," Todoric added.
He called on all those able to help Agrokor continue operations and preserve its workers, to do everything in their power to make it happen.
The law, commonly known as 'Lex Agrokor', was drafted by Croatia's government in response to financial troubles that emerged recently at the country's biggest private concern, and adopted by parliament on Thursday. It allows the government to appoint temporary administrators to lead a restructuring process at the request of the company's creditors or the debtor itself.